Overseas Headlines – June 22, 2020

United States:

NYC Unemployment Reached 18.3% in May, Up From 4.1% Year Earlier

“New York City’s unemployment rate surged to 18.3% in May, from 15% in April 2020 and 4.1% in May 2019, according to preliminary data from the state labor department. Statewide, New York’s unemployment rate declined to 14.5% in May from 15.3% in April. Both are far higher than the 4% rate in May 2019, data show.”



BOE’s Bailey Signals Dramatic Shift Toward Stimulus

“Bank of England Governor Andrew Bailey signaled a major shift in the central bank’s strategy for removing emergency stimulus, stressing the need to reduce the institution’s balance sheet before hiking interest rates. Writing for Bloomberg Opinion, Bailey said such a plan would give officials more firepower in future crises. The BOE’s balance sheet has swelled to almost 700 billion pounds ($864 billion) because of its extraordinary measures during the coronavirus pandemic, and is set to grow much larger because of the central bank’s bond-buying program.”



Worst North Korea Economy in Two Decades Pushing Kim to Lash Out

“Blowing up a building meant to symbolize friendship may have been North Korea’s forceful way of demanding help for an economy straining under international sanctions and borders shut by the coronavirus. The destruction of the $15 million facility paid for by South Korea in the North Korean border city of Kaesong was one of the biggest provocations Kim Jong Un’s regime has made against its neighbor in years.”



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